Sun Life Financial (SLF) said Tuesday that Canadian regulators approved the renewal of its normal course issuer bid, allowing the insurer to repurchase up to 10 million common shares, or about 1.8% of its outstanding shares, as part of its capital management strategy.

The buyback program will begin May 29 and run through May 28, 2027, unless completed earlier.

The Office of the Superintendent of Financial Institutions and the Toronto Stock Exchange approved the renewal of the share repurchase program, according to the statement.